Central Bank of Syria (473)


Byblos Bank Syria has gained regulatory approval to raise its stake in Adir Syria, its insurance affiliate.


Less than ten days after he was quoted as saying that a partial float of the Syrian Pound was underway, the Governor of the Central Bank of Syria said on Tuesday that there was no such plan and that press reports on the subject were based on fiction.


The US dollar is trading again at around 70 Syrian Pounds some ten days after the Central Bank allowed local banks to price freely their foreign currencies in hopes that money traders would be encouraged to sell them and that pressure on the Pound would decrease.


The Syrian Government allowed on Thursday local banks and money changers to price freely the foreign currencies they trade and announced that a managed float of the Pound would begin this week, in effect partly deregulating the foreign exchange market and, in the short-term, helping to ease pressure off the Syrian currency.


The Central Bank of Syria has removed the restrictions on the sale of foreign exchange to importers and again allowed local banks to sell foreign currencies to finance their imports.


The Central Bank of Syria has increased the selling price of the Syrian Pound relative to the US Dollar to above 57 Pounds as it seeks to clamp down on the black market.


The Central Bank of Syria has raised interest rates on term deposits to between 9 and 11 percent and those on savings account to 9 percent in a move meant at strengthening the attractiveness of Syrian Pound holdings.


The Central Bank of Syria has raised the interest rates paid on investment certificates to 8 percent.


Deteriorating political relations between Syria and Turkey are having an increasingly negative impact on Turkish companies doing business in Syria.


Business activity remained apparently normal in central parts of Damascus and Aleppo on Sunday, although other parts of the country appeared to be complying with calls for a general strike by the Syrian opposition.


The Central Bank of Syria has licensed a new foreign exchange company based in Damascus and established by the Qalaaji family.


Turkey is imposing a 30 percent customs tariff on all Syrian goods entering its territory in retaliation over a similar measure announced this week by Syria.


The Central Bank of Syria has opened bank accounts with three Russian financial institutions, according to press reports.


The international community has continued to raise the heat on the Syrian Government through new economic sanctions with Turkey joining in and the EU announcing new significant measures.


Since the beginning of the year Syrian stocks have on average  lost half of their value as political and economic risks continued to increase.


The Central Bank of Syria sold through an auction some USD 15 million in foreign currencies last week as it attempts to counter pressures on the Syrian Pound.


The Central Bank of Syria has issued a license for a new money dealer and canceled another for a company established last year.


The Central Bank of Syria has licensed a new microfinance institution established by the Syria Trust for Development.


Syria’s economy is in a state of emergency and its exports have declined “significantly,” the Minister of Economy, Nidal al-Shaar said.


The founding shareholders of Orbit, a money dealer, have bought all the outstanding shares of their company, while they initially planned to organize an IPO to raise some 45 percent of the company’s capital.


Syria has banned the import of all products with customs tariffs of more than 5 percent, a move that signals growing nervousness over the country's foreign currency reserves and also dents into the profits of many prominent businessmen that have built their wealth on import trade.


The Central Bank of Syria has licensed a new foreign exchange dealer, Al-Fayhaa Foreign Exchange.


The Central Bank of Syria has licensed two new money exchange bureaus in Aleppo and Damascus.


This week, the Central Bank of Syria tightened foreign exchange trading regulations, in an apparent bid to stem sales of foreign currencies as the unrest increasingly impacts economic activity and investor confidence.


The Central Bank of Syria has expanded by one percentage point, the margins on the interest rates local commercial banks can set on the deposits of their customers; meaning deposits in Syrian Pounds can now pay as high as 11 percent.


The financial disclosures for the first half of this year by Syria’s largest private sector commercial banks confirm the depth of the country's current economic crisis.


Syrian deposits at Lebanese banks stand at below USD 3 billion, or some 2.7 percent of all deposits in Lebanese banks, according to Makram Sader, secretary-general of the Association of Banks in Lebanon.


Data from the Central Bank of Syria indicate that deposits held in Syrian commercial banks continued to decline at the end of April, as Syria entered its second month of protests.


Syria’s inflation rate measured on an annual basis stood at 2.98 percent in May, while the volatile food and beverages price increase reached 4.50 percent, according to the Central Bank of Syria.


The Central Bank of Syria has issued the implementation rules for its decision last May allowing residents to buy the equivalent of USD 120,000 in foreign currencies from their bank.


The Central Bank of Syria has closed some 30 foreign exchange bureaus and companies since the beginning of the unrest and associated pressure on the national currency, according to Adib Mayaleh, Governor.


According to the Central Bank of Syria, the assets of the country’s banking sector had started to fall by the end of last March, confirming that even though protests had just begun by then, the financial sector, and the economy as a whole, had started to take a hit.


Updated June 19: The Syrian securities market regulator has given its nod for the capital increase of Bank of Syria and OverseasBank Audi Syria, Byblos Bank Syria  and Fransabank Syria in line with the target of raising the minimum capital levels of conventional private commercial banks to SYP 10 billion by the end of 2012.


The Central Bank of Syria has granted a license for the establishment of two new money changers.


The Governor of the Central Bank of Syria said that deposits in the banking sector had risen by 3.2 percent in the first half of May, compared to the same period of April, reversing a decline that had begun in mid-March.


Syria’s inflation rate measured on annual basis stood at 2.80 percent in April, from 2.74 percent in March and 4.22 percent in February, according to the Central Bureau of Statistics and the Central Bank of Syria.


The Central Bank of Syria has announced a 2 percent average increase in interest rates in a bid to prop up the national currency.


The Central Bank of Syria has allowed three state-owned banks to deal with foreign currencies.


Syria’s inflation rate fell to 4.22 percent on a year-on-year basis at the end of February 2011, according to the Central Bank of Syria.


The assets of the Syrian commercial banking sector increased 11.2 percent at the end of last year, according to the Central Bank of Syria.


 Syria’s financial industry has posted another year of significant growth across all sectors, according to the latest Syria Report business guide, Corporate Syria: Banking and Finance 2009.
The global financial and economic crisis appears not to have impacted significantly the industry, the report says.

The Syrian financial sector performed extremely well in 2007 according to the latest annual survey of the Syria financial sector, Banking and Financial Services Syria 2008.
Assets of the Syrian Banking Sector reached USD 34 billion at the end of 2007, an annual increase of 12 percent, while net credit facilities increased by 25 percent.

Syria’s inflation rate continued to increase as the year began and stood at 7.13 percent on a year-on-year basis at the end of January, from 6.32 percent a month earlier, the Central Bank of Syria said.


The Central Bank of Syria has licensed two new money exchange bureaus.


The Central Bank of Syria has issues the rules under which local residents can purchase foreign currencies to finance expenses incurred through their credit cards.

Taxes and customs fees on a number of widely consumed food products have been reduced in Syria following two Presidential Decrees enacted on February 15.